Fitch rates Shimao notes BB+

Fitch Ratings said it assigned Shimao Property Holdings Ltd.'s proposed dollar-denominated senior notes due 2018 an expected rating of BB+.

The proceeds will be used to finance the redemption of the outstanding $250 million floating-rate notes due 2011 and repay other indebtedness, finance property development projects and general corporate purposes, Fitch said.

The proposed senior notes will not change Shimao's credit profile, the agency said.

Shimao has demonstrated its proven track record of accessing public debt markets, Fitch said.

The proceeds from this offering will enhance Shimao's liquidity to meet its short-term debt obligations and fund on-going property development expenditures, the agency said.

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